People get vanity license plates for a variety of reasons. This includes adding a personal touch to your car, showing your sense of identity, advertising a business, doing something to stand out from the crowd — and, as the name suggests, vanity. Occasionally, some people get a vanity license plate as an investment option. This is the case with a rare California license plate with the letters “MM” that’s on sale for a cool $24.5 million.
Vanity license plate for an NFT investment
The”MM” vanity license plate is on sale as a non-fungible token (NFT) by the site MMPlate on the OpenSea NFT marketplace. If it sells for $24.5 million, it will be the most valuable license plate in the world. By combining two exclusive entities, NFTs and vanity license plates, the “MM” plate aims to create a double dose of rarity and value.
“This is the first NFT minted to accompany a real DMV-clear license plate. It transfers ownership of one of the rarest California license plate configurations available. NFT details are laser-inscribed on the back of the actual plate. A sale at asking price should make it the most valuable plate ever sold in the world. This plate is a trophy, the ultimate flex, and will set your car apart, no matter what you’re driving.”– MMPlate
Why is the ‘MM’ license plate so rare and valuable?
California has over 35 million registered vehicles. Each of these cars has a unique license plate with anywhere from two to seven characters. While three-character license plates on luxury supercars are an occasional sight, two-character license plates are a very rare phenomenon. Even more rare are two-character license plates with repeating characters. The “MM” California license plate is one of only 35 plates in the country to have two repeating characters.
The value of the “MM” plate is pushed even higher by its NFT status. It includes an NFT that enables the buyer to access a proof of authenticity document and digital art assets. Also, on the back of the “MM” plate, there is a laser inscription of the ID number of the NFT token and a QR code.
Another element that adds to the value of the “MM” plate is a recent change to California’s Special Interest License Plate Application. It now has the option to “release interest to a new owner.” This means that the “MM” plate, if sold, can be used by the new owner on any car.
Why would someone buy an expensive NFT license plate?
The $25.5 million is an astronomical amount of money for a vanity license plate. Why would someone want to buy an NFT license plate and spend that high of a sum of money? For wealthy people with a large amount of disposable income, exclusivity carries a lot of weight.
A rare vanity license plate like the “MM” plate is very exclusive and is a significant status symbol, as detailed by CarBuzz. Previously, a vanity license plate with the number “1” sold for $14.8 million in Abu Dhabi. In the United States, the most expensive license plate sold to date was $675,000 for the number “11.”